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<br />87-101825
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<br />convdtsion, voluntary or involuntary, of any of the foregoing into
<br />cash br liquidated claims (including, without limitation, proceeds
<br />of insurance and condemnation awards ?, all of which is hereinafter
<br />collectively called the "Trust Property ".
<br />TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS
<br />ND AGREES AS FOLLLOWS:
<br />1. Title. Trustor covenants, warrants and agrees with
<br />0enef-iciary, its successors and assigns, that Trustor owns the
<br />Trust Property free from any prior lien or encumbrance, that this
<br />Deer' of Trust is and will remain a valid and enforceable first lien
<br />on the Trust Property, that Trustor, at its expense, will preserve
<br />such title and will maintain this Deed of Trust as a first and
<br />parar:r:unt lien upon the Trust Property and will forever warrant and
<br />deft -nd the validity and priority of the lien hereof against the
<br />claim,: of all persons and parties whomsoever. Truster, at its
<br />expense, will cause this reed of trust, and each amendment or
<br />supplfinent hereto, to be filed and recorded as a mortgage of the
<br />Trust r'roperty in such manner and in such place and will take such
<br />action as in the opinion of Trustee may be required by any present
<br />nr future law in order to per`-et, maintain and protect the lien
<br />of this Deed of Trust, as the same may be amended or supplemented
<br />from time to time. Trustor will make such further assurance or
<br />assurances to perfect its title to the Trust Property as may be
<br />required by Beneficiary_
<br />Payment of Indebtedness_ Trustor shall punctually pay the
<br />prirclp l of and interest on the -Indebtedness secured hereby.
<br />3. Construction of Improvements. Truster shall complete in
<br />good and workmanlike manner any buildings, improvements or repairs
<br />relating thereto which may; be begun on the Trusto Property or
<br />contemplated by the loan evidenced by the Mote secured hereby, to
<br />navy when due all costs and liabilities incurred therefore, and not
<br />to permit any construction lien against such _Trust Property. In
<br />the -vent construction of buildings, improvements or repairs are
<br />contemplated, Trustor also agrees, anything in this Deed of Trust
<br />to the contrary notwithstanding; (a) to promptly commence any such
<br />work and to complete the proposed improvements promptly, (b) to
<br />complete the same in accordance with the plans and specifications
<br />as approved by Beneficiary, (c) to comply with all the terms of a
<br />building loan agreement, if any, between Trustor and Beneficiary,
<br />the terms of which are incorporated herein by reference and made a
<br />part hereof, (d) to allow Beneficiary to inspect the Trust Property
<br />at all times during construction, and (e) to replace any work or
<br />mate?-ials unsatisfactory to Beneficiary within fifteen (15) days
<br />aftrr written notice from Beneficiary of such fact.
<br />4. Funds for Payment of Charges. Subject to applicable law
<br />or to a written waiver by Beneficiary, Tr,.stor shall pay to
<br />Beneficiary on the first day of each month, or such other date each
<br />:north Zs may be specified by Beneficiary, until the Indebtedness is
<br />1=4_d in full, a sum (hereinafter called the "Funds ") equal to
<br />1,'12th of the yearly taxes and assessments which may attain
<br />r._...a �.F
<br />Trust nA _.—A —A n3-� �t-
<br />7�� iz°
<br />if any, , plus 1/12th iof the iyeariv premium installments
<br />f•�r hazard insurance, plus 1112th of the yearly premiun
<br />in�-tAl.iments for mortgage insurance, if anr, all as reasonably
<br />m
<br />!estimated initially and from time to time 11y ;' eneficiary on the
<br />lice ;i§ of as!�ecsments and bills and reasonable 'estimates thereof.
<br />The Funds shall be held in an institution, ti.,- dfposits or accounts
<br />r,f which are insured or guaranteed by a feeI_ral or state agency
<br />4.i ;,16rd i ng Beneficiary. Beneficiary shall ai ply the Funds to pay
<br />taxes assessments, insurance ptenimim!: and ground rents.
<br />rr;iefi ^iary shall not be required to pay Tri -tci any interest or
<br />y�ni�ic,s fin the Funds. Beneficiary shall give to Trustor., without
<br />an ;:;.n ua accounting rff - thr Funu., - :ho,, °ing credits and
<br />J i tL to the Funds and the, pui pole for whirl each dr'bit to the
<br />Is maf.� Tiif! Fiinls are nit,doed X13 adIdi:i.011n1. sr"•aritV fez'
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